Residential properties registration falls 47percentage in BMC

Mumbai: Residential property registrations in the Mumbai municipal area fell by 47 percent last month compared to April following the second wave of the Covid-19 pandemic, but this is 25 times higher than in May 2020, according to Knight Frank India. The Mumbai BMC region (from Church gate to Dahisar and from Colaba to Mulund) registered 5,360 units of property in May 2021. Compared to April 2021, the month saw a 47 percent decline. However, registrations for May 2021 are 25 times higher than in May 2020 due to stricter lockdown restrictions this year, Knight Frank India said in a statement. The number of property registrations in May 2019 was down 15 percent from 6,270 units. 

 

According to Knight Frank India, only 29 percent of registrations in May 2021 came from new residential sales ending this month. About 71 percent of the registered properties are from sales that ended in the period from December 2020 to April 2021. In May. The Maharashtra government had last September reduced the stamp duty on property registration by 2-3 percent to boost home sales. This exemption was valid until March 2021.

 

In December 2020, the state government gave homebuyers a four-month grace period to register property after paying stamp duty to prevent congestion at registration offices. This ensured that homebuyers who purchased residences on or before March 31, 2021, had a maximum window of 4 months from the date of payment of stamp duty to July 31, 2021, to register their apartment.

 

That said. Shishir Baijal, Chairman and Managing Director, Knight Frank India, said: “The total registration in April 2021 was 10,136, while the number of new homes sold for the month dropped to 710 units. The number of new residential units in May 2021 shows a slight increase in sales despite a lockdown. However, we are still far from the pre-covid level of May 2019 or the level seen in the 7 - month lower stamp duty window, Baijal said.